AUD/USD struggles to sustain above 0.6720 amid risk-off mood ahead of FOMC minutes – by Sagar_Dua24 AUDUSD Inflation Fed PMI RiskAversion
Bearish settlement in S&P500 on Tuesday and subdued performance in the 500-United Statesbasket on a broader note are highlighting caution in the sentiment of the market participants. The US Dollar Index shifted into a bullish trajectory on Tuesday after defending the 103.00 support with sheer strength. Contrary, the demand for US governmenthas improved dramatically ahead of the release of the Federal Open Market Committee minutes.
Currently, the tight labor market and lower Unemployment Rate in the United States are acting as a major hurdle for the Federal Reserve in achieving a 2% inflation rate. A continuation of firmer job additions in the labor market each month is attracting higher employment bills to compensate for the unavailability of labor, which might spur the retail demand ahead.Manufacturing PMI
data. The IHS Markit reported the economic data at 49.0, higher than the consensus of 48.8 but lower than the prior release of 49.4. The street was expecting a decline in the PMI numbers after observing negative cues from China’s official Manufacturing PMI data and the vulnerable status of Covid-19 in China.
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